Penserra Capital Management LLC Purchases 142 Shares of Snap-on Incorporated (NYSE:SNA)

Penserra Capital Management LLC increased its position in shares of Snap-on Incorporated (NYSE:SNA) by 8.7% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 1,774 shares of the company’s stock after purchasing an additional 142 shares during the period. Penserra Capital Management LLC’s holdings in Snap-on were worth $513,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the company. Opal Wealth Advisors LLC acquired a new position in shares of Snap-on during the 2nd quarter worth $30,000. Reston Wealth Management LLC acquired a new stake in Snap-on in the third quarter valued at about $30,000. Innealta Capital LLC acquired a new position in Snap-on during the second quarter worth about $32,000. Massmutual Trust Co. FSB ADV lifted its holdings in shares of Snap-on by 53.0% in the third quarter. Massmutual Trust Co. FSB ADV now owns 127 shares of the company’s stock worth $37,000 after acquiring an additional 44 shares during the last quarter. Finally, Quarry LP boosted its stake in shares of Snap-on by 244.7% in the 2nd quarter. Quarry LP now owns 162 shares of the company’s stock valued at $42,000 after purchasing an additional 115 shares in the last quarter. 84.88% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Snap-on news, VP Iain Boyd sold 6,044 shares of Snap-on stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $298.99, for a total value of $1,807,095.56. Following the completion of the sale, the vice president now directly owns 10,493 shares of the company’s stock, valued at approximately $3,137,302.07. The trade was a 36.55 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Richard Thomas Miller sold 1,750 shares of the stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $330.00, for a total transaction of $577,500.00. Following the transaction, the vice president now directly owns 3,218 shares in the company, valued at $1,061,940. This trade represents a 35.23 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 20,531 shares of company stock worth $6,628,691. 4.10% of the stock is owned by corporate insiders.

Snap-on Stock Down 0.6 %

Snap-on stock opened at $369.23 on Thursday. The firm has a market cap of $19.39 billion, a price-to-earnings ratio of 19.00, a PEG ratio of 2.45 and a beta of 0.96. Snap-on Incorporated has a 52-week low of $252.98 and a 52-week high of $373.89. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.14 and a current ratio of 4.18. The firm has a 50 day moving average price of $321.25 and a two-hundred day moving average price of $289.52.

Snap-on (NYSE:SNA) last released its earnings results on Thursday, October 17th. The company reported $4.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.58 by $0.12. Snap-on had a net margin of 22.13% and a return on equity of 19.44%. The business had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.16 billion. Equities analysts predict that Snap-on Incorporated will post 19.05 EPS for the current year.

Snap-on declared that its Board of Directors has initiated a share repurchase program on Thursday, August 8th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 3.5% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Snap-on Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Thursday, November 21st will be paid a dividend of $2.14 per share. The ex-dividend date of this dividend is Thursday, November 21st. This represents a $8.56 annualized dividend and a yield of 2.32%. This is a boost from Snap-on’s previous quarterly dividend of $1.86. Snap-on’s dividend payout ratio (DPR) is currently 44.06%.

Analyst Ratings Changes

A number of research firms recently issued reports on SNA. Barrington Research upped their price objective on shares of Snap-on from $325.00 to $350.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Tigress Financial increased their price target on Snap-on from $336.00 to $385.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Robert W. Baird upped their target price on Snap-on from $290.00 to $347.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. Bank of America increased their target price on Snap-on from $255.00 to $280.00 and gave the company an “underperform” rating in a research report on Friday, October 18th. Finally, Roth Mkm upped their price objective on Snap-on from $324.00 to $365.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $345.40.

Snap-on Company Profile

Snap-on Incorporated manufactures and markets tools, equipment, diagnostics, and repair information and systems solutions for professional users worldwide. It operates through Commercial & Industrial Group, Snap-on Tools Group, Repair Systems & Information Group, and Financial Services segments.